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Supervalu tops expectations as profit more than doubles; sales up across segments
Minneapolis -- Supervalu Inc.’s third-quarter profit more than doubled as the supermarket chain experienced sales growth in all three of its business segments. Its results beat analysts' expectations.
Supervalu reported an overall profit of $79 million for the quarter ended Nov. 29, up from $31 million a year earlier. Revenue rose 4.8% to $4.2 billion.
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Wet Seal closing 338 stores, laying off nearly 3,700 employees
Foothill Ranch, Calif. -- The Wet Seal announced it would 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full and part-time employees. The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.

